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Oct 21, 2020 13:50 EEST
October 21 (SeeNews) - UK cruise port operator Global Ports Holding said on Wednesday it has signed an agreement to sell Turkish company Ortadogu Antalya Liman Isletmeleri (Port Akdeniz), which operates the Akdeniz-Antalya port, to Qatari peer QTerminals W.L.L. for an enterprise value of $140 million (118 million euro).
The net cash proceeds for Global Ports Holding from the transaction at closing will be determined by deducting net debt of Port Akdeniz at closing as well as paying transaction-related costs and taxes, Global Ports said in a regulatory announcement.
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Under the deal, QTerminals will withhold a small part of the price and pay it 12 months after the transaction is closed, the seller said, without disclosing the amount.
Global Ports noted it expects to close the deal in the fourth quarter of 2020 at earliest. The transaction remains subject to regulatory clearances and approvals from Turkish authorities.
Port Akdeniz operates the Akdeniz-Antalya port under a concession agreement that expires in August 2028. The Akdeniz-Antalya port specialises in handling cargo containers and general and bulk cargo destined for global markets including those in Asia and the Middle East.
Port Akdeniz generated revenue of $47.5 million and earnings before interest, taxes, depreciation and amortisation (EBITDA) of $37.4 million in 2019.
Global Ports said it launched a strategic review of Port Akdeniz in July 2019. In March 2020, it announced that it had started exclusive negotiations over the sale of the Turkish cargo port operator as part of its plan to focus time and resources on continued investment into further growth opportunities in the global cruise port market.
($ = 0.8438 euro)
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